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Choice theory when agents can randomize

Jörg Stoye

Journal of Economic Theory, 2015, vol. 155, issue C, 131-151

Abstract: This paper takes choice theory to risk or uncertainty. Well-known decision models are axiomatized under the premise that agents can randomize. Under a reversal of order assumption, this convexifies choice sets, and even after imposing the weak axiom of revealed preference and nonemptiness of choice correspondences, the preferences directly revealed by choice may be incomplete or cyclical.

Keywords: Revealed preference; Choice functions; Completeness; Transitivity; Expected utility; Maxmin expected utility (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1016/j.jet.2014.11.011

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